DN Capital closes GVC Fund IV on €200m

The fund held its final close on 22 December 2017 after fundraising began in late 2016. It will have a 10-year lifespan and has already made 14 investments to date through series-A and seed funding rounds. As of December 2017, 25% of the fund was already deployed, according to unquote" data.

Proskauer Rose acted as DN's fund formation adviser.

Around two-thirds of the fund is focused on investments in Europe, with one-third investing in the US. In Europe, the primary focus is on the UK and Germany, with France and the Nordic countries as secondary investment markets for the fund.

In the previous fund, DN Capital GVC III, the investment allocation for Europe saw 52% of investments made in Germany. Brexit may be bringing uncertainty to funds investing in UK companies but DN Capital is not changing its investment strategy for now, managing partner and co-founder Steve Schlenker told unquote", although he added that Brexit still remained a concern.

The London-based VC raised €144m for the vehicle's predecessor in 2014 – that fund's target was €100m. DN raised more than three times the amount held in its previous fund, GVC II, and was just shy of hitting its hard-cap.

Investors
Two thirds of the fund's commitments came from institutional investors, with the remainder from family offices and individuals. Investors hail from Europe – notably the European Investment Fund – as well as the US.

Regulatory filings show that Swiss banks Schroders and Banque Cantonale de Geneve feature in the LP base, as does an investor named Guy Hands, possibly the founder of private equity firm Terra Firma. Connection Capital also made a commitment of €3m, according to unquote" data.

Investments
The fund deploys equity tickets ranging between €250,000-20m through the lifecycle of the investment. It focuses on companies in software-as-a-service, fintech, digital health and consumer mobile apps.

Examples of DN's investments include Auto1, the operator of an electronic trading market for used cars. DN first invested in April 2015 along with Piton Capital and DST Global in a $118m round of growth funding.

In December 2017, the firm led a €10m round for job search platform JobLift. Picus Capital also took part in the round alongside existing investors Cherry Ventures, BtoV Ventures and TruVenturo.

People
DN Capital – Nenad Marovac (founder, CEO); Steve Schlenker (co-founder, managing partner).

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